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1974 (4) TMI 3 - DELHI HIGH COURT" Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in taking the view that 50% of the unearned increase payable to the lessor of the land, formed part of and was not deductible out of the valuation of the property for the purposes of wealth-tax ? " - In short, this 50% of the unearned increase in the value of land payable to the lessor, has to be deducted from the valuation whether it is taken as a limitation or restriction attached to the property in question, affecting its value to that extent or as a debt owed by the assessee on the valuation date. The Tribunal was not justified in taking the view that it formed part of and was not deductible out of the valuation of the property for the purposes of wealth-tax. The question referred to us, therefore, has to be and is answered in the negative, that is, in favour of the assessee and against the revenue
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